MONTREAL, QC / ACCESSWIRE / March 6, 2020 / Loop Industries, Inc. (Nasdaq: LOOP) announced today that they have entered into a multi-year offtake agreement with leading beauty industry brand L'Oréal to supply them with PET resin made of 100% recycled materials for their packaging needs.
This resin is to be supplied from Loop Industries' joint venture facility in Spartanburg, South Carolina with Indorama Ventures, a global integrated leader in PET plastic and polyester fiber manufacturing. The growing demand for Loop Industries' resin has driven the joint venture's decision to increase the facility's production capacity to 40 KT per year, thus enabling Loop Industries to broaden its array of partnerships and supply more brands with resin made from waste PET plastic and polyester fiber.
Thanks to Loop Industries' breakthrough low-energy technology, waste PET plastic and polyester fiber can be diverted away from landfills and natural areas, depolymerized into its base building blocks, purified and polymerized into virgin-quality Loop™ PET resin.
Started in 2018, the collaboration between L'Oréal and Loop Industries is now entering a new step forward with this agreement for the supply of sustainable PET resin.
"Supporting businesses in achieving their sustainability objectives while helping consumers understand the potential of plastic in a circular economy model is at the core of Loop's mission," said Giovanni Catino, Senior Director of Sales and Business Development for Loop Industries. "We thank L'Oréal for their partnership and look forward to working to assist them in reaching their sustainability goals."
This collaboration with L'Oréal marks an important step in Loop Industries' objective to help brands and consumers move away from plastic waste and towards a circular plastics economy.